Sam Pepper's word play of YOLO, standing for It's Only Christmas Once A Year. This may not be used as YOLO but only during the two upcoming weeks of Christmas as to not annoy the hell out of people again.

Sam: You can wake up and eat chocolate like YOLO it's Christmas- we need to think of a new one.
Tomi and Sam: It's Only Christmas Once A Year.
Sam: IOMO?
Tomi:YOMO
Same and Tomi: IOCOAY